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TMI BlogBUDGET 2012 - Income from other sourcesX X X X Extracts X X X X X X X X Extracts X X X X ..... BUDGET 2012 - Income from other sources - By: - Swati Dodhi - Income Tax - Dated:- 21-3-2012 - - BUDGET 2012 Income from other sources Taxation of consideration for issue of shares in exc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ess of FMV Where a company (in which public are not substantially interested) receives from a resident, consideration for issue of shares exceeding the face value, such consideration in excess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of the FMV will be taxable. FMV of shares to be higher of: value as per prescribed method; or value based on assets including intangible assets, on the date of issue of shares, as s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ubstantiated by the company to the satisfaction of the Revenue authorities. This provision is not applicable to consideration for issue of shares received by VCU from a VCC or VCF. Taxation of tra ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nsactions without consideration or for inadequate consideration Presently, any sum or property, the aggregate value of which exceeds Rs. 50,000 in a year, received by an Individual or HUF witho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ut consideration is taxable in the hands of the Individual or HUF unless it is received from a relative as defined under the Income-tax Act . The definition of the term relative has been amended ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to include members of the HUF. The above amendment will be effective retrospectively from 1 October 2009. - - Scholarly articles for knowledge sharing authors experts professionals Tax Managemen ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t India - taxmanagementindia - taxmanagement - taxmanagementindia.com - TMI - TaxTMI - TMITax ..... X X X X Extracts X X X X X X X X Extracts X X X X
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